Rear Window

APRA’s lavish $70,000 Christmas Party

Myriam RobinRear Window editor

Updated Apr 18, 2024 – 6.50pm, first published at 5.21pm

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The Australian Prudential Regulation Authority is the statutory agency tasked with regulating and monitoring the expenses of the nation’s superannuation funds.

The process has been as illuminating as it is welcome. Still, do you think all that time peering over the expenses of Australia’s major financial institutions has induced a spot of envy within the APRA social committee?

A Freedom of Information request released last month shows the institution threw a lavish $70,000 Christmas party at the Sheraton Grand’s Grand Ballroom in Sydney in December.

At a 12pm “cocktail reception”, staff were treated to a four-hour drinks package, hot and cold canapés, and a choice of gold chocolate brownies or raspberry cheesecake for dessert.

Included in the bill was the cost of six security guards (billing some $450 per hour) and enough food and drinks for 500 guests. Given only 407 bought tickets, we can only assume there were no shortages.

This was, to be clear, an event for staff. Some $14,000 was raised selling tickets for $35 a pop, while the social committee raised another $5000, offsetting the cost.

That still left $50,649 of the Sheraton’s bill, picked up by APRA, which is largely funded by levies on financial institutions.

This may be par for the course in financial services, where expense accounts tend to run large. But it’s strikingly out of step with the broader Australian Public Service, a wasteland of $20 wines and Jatz biscuits, where parties are held in conference rooms and Scout Halls, the bill often entirely picked up by staff.

Even Reserve Bank governors get bottled still water and supermarket biscuits at board meetings.

In 2020, another FOI revealed APRA had spent some $1.5 million on various niche “executive coaching” and training programs for staff. Others say it wasn’t uncommon a few years back for APRA to provide wine for knock-off drinks on Fridays.

We love their work, but clearly, it doesn’t come cheap.

Myriam Robin is Rear Window editor based in the Melbourne newsroom. A Rear Window columnist since 2017, she previously reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com